Compute Darryl’s total social security and Medicare taxes for the third quarter if she is self employed and earns 1,420 on a weekly basis
To calculate Darryl's total social security and Medicare taxes for the third quarter, we first need to determine her net earnings for the quarter.
Since she earns $1,420 on a weekly basis, her total earnings for the quarter would be $1,420 multiplied by 13 weeks (the number of weeks in the third quarter), which equals $18,460.
For self-employed individuals, the social security tax rate is 12.4% and the Medicare tax rate is 2.9%.
Social Security tax:
$18,460 x 12.4% = $2,287.84
Medicare tax:
$18,460 x 2.9% = $535.14
Therefore, Darryl's total social security and Medicare taxes for the third quarter would be $2,287.84 + $535.14 = $2,822.98.